In the online forex market, you will find many forex traders who think they have been left "betrayed" by forex brokers or the market but they never dare to accept that it was their own mistakes that led to the downfall. Let us access the most common forex mistakes that are committed by beginner as well as experienced traders.
It is amusing but true that forex traders believe that they can accurately predict forex prices in advance but they fail to realize that if the forex market was so predictable, every one would be making profits but that is surely not the case.
A few series of wins and losses cannot be considered as the start or end of a real trading career. For attaining success, forex traders need to focus upon fundamental analysis, economic data, interest rates, trends, and unemployment numbers to make informed decisions and not predictions. This is primarily because forex trading is not gambling, it is an art that must be complemented with knowledge, patience, practice, education, and training on a regular basis.
Most forex traders end in the trap of forex brokers or other companies that claim to offer accurate and foolproof forex success software, books, or packages. There is nothing called accurate and foolproof in the world of forex trading and the earlier you realize this, the better.
Some traders also make the mistake of considering day trading movements as trends. It is important for them to note that price movements of short term are random and trading short-term movements as a long term strategy will only lead to losses and failures.
We hope that you find this information helpful in your progress in becoming an experienced forex trader.